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Market Scramble: Japan's whale seen making splash at market's high tide

GPIF's reserve surplus drives surprise turn to momentum investing

TOKYO -- With just seven trading days left in 2016, anticipation is building in Japan for a year-end stock rally, especially with the Government Pension Investment Fund unexpectedly stirring to life.

"GPIF actually started buying three days ago," a senior official at a major brokerage said about a week ago, with the fund placing orders when the Nikkei Stock Average reached the cusp of 19,000 points.

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